XYZ Corporation was organized on January 1, 2012. The firm was authorized to issue 190,000 shares of $5 par value common stock .During 2012, XYZ had following transactions relationg to shareholders equity
Issued 190000 shares of common stock at $7 per share
Issued 38000 shares of common stock at $8 per share
reported a net income of $190,000
Paid dividends of $95,000
Purchased 2500 shares of treasury stock at $10 (part of the 38000 shares issued at $8)
Compute total shareholders' equity at the end of 2012